Prime Minister Shinzo Abe's administration crafted a joint statement Tuesday with leaders of business organizations and labor unions, aiming to bolster the economy through wage growth.
At a trilateral meeting, Abe also urged large manufacturers, which have benefited from the yen's slide, to trade with their subcontracting companies at higher prices to allow the effects of his "Abenomics" policy mix to trickle down to smaller firms and local economies.
Sadayuki Sakakibara, chairman of the Keidanren business lobby, told reporters after the meeting: "We told them we will make utmost efforts to raise wages, including bonuses and allowances."